Refinance Apps Improve as Rates Plumb Post-Election Lows

Despite a slight uptick in applications for refinancing, the Mortgage Bankers Association (MBA) reports a downturn in overall application volume during the week ended April 14. MBA said that its Market Composite Index, a measure of that volume, declined by 1.8 percent on a seasonally adjusted basis and was off from the previous week by 2.0 percent unadjusted. Last week the adjusted index had gained 1.5 percent, after three straight weeks of losses. MBA said its indexes were not adjusted to account for Good Friday. The Refinance Index was up 0.2 percent, posting its first gain since the week ended March 10. The refinancing share of business rose to 42.4 percent from 41.6 percent the previous week. Both the seasonally adjusted and the unadjusted Purchase Indices were down 3 percent compared to…(read more)